Not Your Average Financial Institution
When you think of a bank, what comes to mind? Maybe a stuffy lobby, endless fees, or the feeling that you're just another number. But another kind of financial institution is out there that flips the script: credit unions. If you haven't heard of them or aren't quite sure what they do, you're looking in the right spot. Credit unions like Hughes Federal Credit Union are like the friendly neighborhood superhero of the financial world, always there to help their members and communities rather than chasing profits. Here’s what makes credit unions so special and why they're the best option for your financial needs.
The Credit Union Difference
Credit unions are unique because they're cooperatives. This means they're owned by their members, not shareholders. This not-for-profit structure allows credit unions to focus on serving their members and communities instead of maximizing profits. Instead of faceless investors, the people who benefit from a credit union's success are the very same folks who use its services daily. This community-centric approach sets credit unions apart and makes them a valuable resource for
nearly 140 million Americans.
Member First, Always
One of the biggest perks of being a credit union member is that you're not just a customer—you're an owner. This ownership means that credit unions return profits to their members in the form of lower fees, better interest rates on loans, and higher yields on savings accounts. It’s a place where your financial well-being is the top priority. That's what you get with a credit union.
Fair and Square Lending Practices
Owning a home is a dream for many families, and credit unions are committed to making that dream a reality through fair lending practices. They work hard to reduce gaps in lending practices and ensure that everyone has access to the financial resources they need. Whether you're buying your first home or refinancing your current one, credit unions are there to help you every step of the way.
Did You Know? Hughes offers a unique "One Low Rate Promise" that sets it apart from other lenders in the nation. This promise means that once your application is approved, you get our best rate on loans, no matter your credit score. Our promise centers on transparency and fairness, ensuring that you can trust Hughes to provide straightforward and honest lending practices.
Credit Unions vs. Banks: A Tale of Two Financial Institutions
Since the start of the COVID-19 pandemic, banks have closed a staggering number of branches—over 8,600, to be exact. This trend has left many communities without access to essential banking services. In contrast, credit unions have been expanding their reach. From the end of 2020 to September 2023, credit unions opened a net of 950 new branches. This commitment to maintaining and growing their presence shows how dedicated credit unions are to serving their members, especially in times of crisis.
Credit Unions in Arizona
Credit unions are making a significant impact here in Arizona. Their presence is strong and growing with 35 credit unions serving 1.5 million members. These credit unions have a total economic impact of over $3.149 billion. That's a lot of money staying in our community, helping create jobs, supporting local businesses, and providing financial education.
Financial Education for All
Speaking of education, 95% of credit unions offer financial education services. This means they're not just helping you manage your money—they're teaching you how to make the most of it. From budgeting workshops to retirement planning seminars, credit unions are committed to empowering their members with the knowledge they need to succeed financially.
Did You Know? You can take advantage of one of Hughes’ financial education initiatives. Through its partnership with Banzai, the nation’s leading financial education provider, Hughes provides
free online personal finance training that covers an assortment of financial education learning topics to help in every stage of life.
Serving Those Who Need It Most
In Arizona, 74% of credit unions serve low-income communities. This commitment to inclusivity ensures that everyone, regardless of their financial situation, has access to safe and affordable financial services. This dedication makes credit unions a lifeline for so many families and individuals.
In 2001, the National Credit Union Administration approved Hughes Federal Credit Union to serve Tucson's underserved community. This approval expanded membership eligibility to anyone who lives, works, worships, or attends school in Tucson. By broadening its reach, Hughes has made it easier for more people to access essential financial services and support.
The Heart of the Community
Credit unions were vital during the Great Depression, a time when banks weren't willing to lend to the average working person. Since then, credit unions have stayed true to their mission of helping members navigate tough times. Whether it's offering loan relief, waiving fees, or supporting local small businesses, credit unions are always there to provide financial security and peace of mind.
People Helping People
At their core, credit unions embody the philosophy of "people helping people." During the COVID-19 pandemic, credit unions delivered financial relief to those who needed it most. From small business loans to consumer loans, credit unions provided over $89.4 billion in essential financial support through Community Development Financial Institutions (CDFIs). These institutions are specially designated to serve communities plagued by high poverty rates and unemployment, and nearly 30% more credit unions are CDFI-certified compared to banks.
Credit unions like Hughes go above and beyond in their commitment to community involvement. They actively support local organizations that share their dedication to helping the community prosper. Whether it's partnering with schools, sponsoring local events, or providing financial education programs, Hughes is deeply embedded in the fabric of Southern Arizona. Credit unions' efforts help to build stronger, more resilient communities where everyone has the opportunity to thrive.
Partnering for a Better Tomorrow with Credit Unions
